The smart camera market is anticipated to grow at a sturdy CAGR of 25.8% during the forecast period. The market is anticipated to be valued at US$ 151187.6 million by 2032, while the valuation as on 2022 is US$ 15247.6 million.
Rising technological advancements in camera industry, coupled with increased usage of these camera across sectors, increased focus on safety and security, and many other factors are anticipated to increase the sales of smart camera.
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Furthermore, drones are used by military personnel for security purposes. These drones target the necessary object using their smart cameras. Due to a number of advantages the smart cameras offer, namely monitoring and precise targeting, the government and defence authorities are eager to invest more and more in them. Smart camera manufactures make the cameras in a way that allow users to watch videos/images in a variety of ways.
The ability to receive notifications while recording a new clip is predicted to boost smart camera demand. To achieve the greatest outcomes, the smart camera has an incredible ability to collaborate with other components. This means that smart cameras can modify their settings based on lighting devices, colour devices, alerts, and so on. As a result, the smart camera market size is anticipated to witness growth throughout the forecast period.
Key Takeaways from Smart Camera Market
- According to Future Market Insights report, the lenses used in smart cameras will have the greatest market share of 24.5% in 2021. The lens market is expected to develop at a CAGR of 21.6% during 2022-2032.
- Processors follow lenses in terms of market share, accounting for 22.4% in 2021.
- In 2021, the communication interface has a market share of 10.6% and is expected to grow at a CAGR of 17.2% by 2032.
- The consumer category had the biggest market share of 26.3% in 2021, and this segment is predicted to increase at a CAGR of 22.3% throughout 2032.
- The commercial sector had the next biggest market share of 19.3% in 2021, and it is predicted to develop at a CAGR of 25.1% during the forecast period.
- The military and defense sector had 15.8% of the market in 2021 and is predicted to grow at a CAGR of 21.7% during 2022-2032.
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“Rapid technological improvements, combined with increased R&D spending, are expected to boost the smart camera market. This is predicted to have a favourable impact on the adoption of smart cameras.” – FMI Analyst
Competition Landscape in the Smart Camera Market
With an emphasis on enhancing camera performance, key competitors are primarily working on sensors to increase the overall sensitivity of the device. The sensors are expected to be unveiled after 2024. Currently, the 108 MP and 200 MP sensors are the most widely accessible. In the future, the leading players are likely to focus on creating 576 MP sensors.
Key players in the Smart Camera Market includes Samsung Electronics Co., Ltd., Canon Inc., Nikon Corporation, Sony Corporation, Panasonic Corporation, Olympus Corporation, Polaroid Corporation, Microscan Systems, Inc., Vision Components GmbH, Matrox Imaging, XIMEA GmbH
Recent Developments in the Smart Camera Market:
- Olympus introduced the 72DL PLUSTM ultrasonic thickness gauge in March 2022, which enables accuracy thickness measurements at high speed in a portable, user-friendly device.
- Nikon delivered the LuFact ultra-compact machine vision camera in July 2022 to help expedite digital transformation at manufacturing plants.
Smart Camera Market Segmentation
By Components:
- Image Sensor
- Memory
- Processor
- Communication Interface
- Lens
- Display
- Others
By Applications:
- Transportation and Automotive System
- Healthcare & Pharmaceutical
- Food & Beverages
- Military & Defence
- Commercial Area
- Consumer Segment
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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Table of Content
1. Executive Summary
1.1. Research Methodology
1.2. Assumptions
1.3. Acronyms Used
2. Global Smart Camera Market Overview
2.1. Introduction
2.1.1. Evolution of Machine Vision Industry
2.1.2. Machine vision Industry Trend
2.1.3. Smart Camera Market Taxonomy
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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